Billy Corgan Settles Lawsuit with TNA Wrestling
Published Nov 29, 2016Billy Corgan has officially settled his legal beef with TNA Wrestling.
On Monday (November 28), it was announced he's signed a settlement deal with TNA and Anthem Sports & Entertainment Corp. (the company that operates Impact Wrestling's Canadian broadcaster, Fight Network), effectively putting an end to the dispute.
"I'm pleased that an agreement is now in place that allows wrestling operations to continue, for my interest from the start was to provide support, be it material or creative, to such a great roster and crew," Corgan said in a statement [via Billboard]. "And as I plan on continuing in the business side of pro wrestling, I look forward to seeing where Anthem's leadership takes the company in 2017, and wish them the best."
After being named president of Impact Venutres earlier this year, the Smashing Pumpkins leader spent the last month embroiled in a legal battle with TNA Wrestling. Upon issuing the third of three loans to TNA Wrestling, Corgan stipulated that if the company went belly up he would gain ownership of it, but a judge denied his demands, instead ordering TNA to repay Corgan by November 1.
Impact Wrestling then gave Corgan the boot, but on November 3, Corgan tweeted that he had yet to receive any payments towards the $1.8 million he was owed, threatening further legal action.
Speaking of the recent settlement, Anthem's executive vice-president Ed Nordholm said, "We are pleased to conclude these arrangements with Mr. Corgan. The events leading to litigation were unfortunate but also reflected all parties' desire in good faith to support the company. The arrangements we have made with Mr. Corgan respect all parties' gratitude for his contributions to Impact Wrestling, both creatively and financially. We can now close this chapter and look forward to making Impact Wrestling a leader in the professional wrestling world."